reports and accounts 2011

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1 reports and accounts 2011

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3 BOARD OF DIRECTORS Chairman * Iti MIHALICH Directors * Annibale AVOGADRO DI COLLOBIANO Elio CASETTA * Enrico MARENCO DI MORIONDO Antonio Maria MAROCCO Gian Piero MAURI Luigi MICHELINI DI SAN MARTINO E RIVALTA Carlo PAVESIO Enrico PIOLA (until 8th April 2012) Lodovico SELLA Camillo VENESIO Vittorio Amedeo VIORA * Marco WEIGMANN Secretary to the Board Massimo LUVIE' BOARD OF STATUTORY AUDITORS Chairman Alessandro RAYNERI Standing Auditors Edoardo ASCHIERI Paolo GOLIA Substitute Auditors Gianluca FERRERO Marco LEVIS GENERAL MANAGEMENT General Manager Luigi LANA Deputy General Managers Luca FILIPPONE Massimo LUVIE' * Members of the Committee

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5 CONTENTS CONSOLIDATED FINANCIAL STATEMENTS THE GROUP Consolidation Area 301 REPORT ON OPERATIONS 303 CONSOLIDATED ACCOUNTING SCHEDULES Balance Sheet 348 Profit and Loss Account 350 Consolidated Statement of Comprehensive Income 351 Schedule of Changes in Shareholders equity 352 Cash Flow Statement 353 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Part A General Accounting Principles and Consolidation Area 356 Part B Consolidation Area 371 Part C Information Regarding the Consolidated Balance Sheet 372 Part D Information Regarding the Consolidated Profit and Loss Account 394 Part E Segment reporting 401 Part F Information regarding risks 404 Part G Information Regarding Business Aggregation Transactions 419 Part H Information Regarding Business with Related Parties 420 Part I Other Information 421 REPORT OF THE BOARD OF STATUTORY AUDITORS 423 CERTIFICATION REPORT 427 ANNEXES TO THE CONSOLIDATED FINANCIAL STATEMENTS 431 GROUP SOLVENCY MARGIN 447 3

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7 CONSOLIDATED FINANCIAL STATEMENTS 2011 Meeting of Delegates of April 21,

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9 REALE MUTUA GROUP (% Interest) Real property companies Insurance companies Service companies REALE MUTUA ASSICURAZIONI (Parent Company) 100,00 100,00 REALE IMMOBILI S.p.A. ITALIANA ASSICURAZIONI S.p.A. 100,00 BANCA REALE S.p.A. 100,00 100,00 IGAR S.A. (Madrid) REALE SEGUROS GENERALES S.A. (Madrid) 100,00 BLUE ASSISTANCE S.p.A. UNNIM PROTECCIO' S.A. (Terrassa) 50,00 CAI SEGUROS GEN. S.A. (Saragozza) 50,00 100,00 REALE VIDA Y PENSIONES S.A. (Madrid) SARA ASSICURAZIONI S.p.A. 31,43 Label: Subsidiary companies fully consolidated Associated companies consolidated by the equity 301

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11 REPORT ON OPERATIONS

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13 REFERENCE ECONOMIC AND INSURANCE CONTEXT In financial 2011 there was a major global economic downturn, mainly as a result of weaker growth in US production volumes, a marked contraction in the Japanese economy and unrest in the Middle East and North Africa. In the main emerging economies output remained buoyant, albeit slightly below previous figures as a consequence of restrictive measures adopted in the first half. The outlook for the global economy worsened abruptly in the second part of the year. Economic activity in the advanced economies slowed significantly, held back not only by temporary factors such as rising energy prices, but also by the persistently slack employment market, the less expansionary stance of fiscal policies and widespread uncertainty over the successful resolution of financial imbalances. According to estimates by the International Monetary Fund (IMF), world GDP grew by 3.8%, compared to 5.2% in Inflation remained relatively low in the advanced economies. In OECD countries the annual inflation rate slowed to 3.1% in November; excluding food and energy prices the annual inflation rate was unchanged, at 2%. Following a period of slow growth in the first half of 2011, the US economy gathered momentum in the third quarter, driven by increased consumer spending and investments by companies in fixed assets. In December, the Federal Open Market Committee said that recent indicators point to a moderate recovery of the US economy and slight improvement in overall employment conditions and forecast a rise of almost 3% in GDP at the end of the year. The IMF s forecast for economic growth in the US is 1.8% for 2011, compared to 3% in In Japan, where the economy was also shaken by the devastating earthquake in March, GDP fell by 0.9%, after growing by 4.4% in Economic growth in Europe remained extremely sluggish, with significant differences from country to country and in any case driven only by the increase in exports, which continued to be the biggest contributor to GDP expansion. In the euro area, GDP grew at a rate of 1.6%, compared with 1.9% in Germany, (+ 3%) and France (+ 1.7%) reported the fastest growth, whereas the other European countries reported below average performance (UK + 0.9%). The eurozone consumer-price inflation rate stood at 3% y/y between September and November, falling slightly in December, to 2.8%. The repercussions of the global economic slowdown and market turmoil were particularly severe in Italy. Despite the fundamental soundness of the banking system, the low level of household debt and the absence of significant property market imbalances, Italy was hit hard by the crisis as a consequence of its large public debt, dependence on world trade and poor medium-term growth prospects. The Italian economy grew by just 0.4%, compared with 1.5% in 2010, falling short of the eurozone average and the IMF s forecast (+ 0.7%). Growth dipped particularly sharply in the last quarter, when there was a 0.7% downswing on the previous quarter. The overall trend reflected an increase in the contribution of agriculture combined with a slowdown in industrial production and substantially zero growth in the services sector. Inflation in Italy rose in 2011, mainly as a consequence of increases in the price of food and some service components due to rising commodity prices and the hike in indirect taxes. The consumer price index increased throughout 2011 and in December the year-on-year increase stood at 3.3%; overall inflation rose at a rate of 2.7% in

14 With regard to the employment market, according to figures released by ISTAT, in December unemployment stood at almost 9%, compared to 8.1% at the beginning of the year. Unemployment was particularly high among young people, having risen to more than 30%, its highest since January According to official data for 3Q11, the Italian insurance market reported a 13% year-on-year drop in premium income. Non-life business moved up 2.8% compared to the corresponding period of 2010, accounting for 31.4% of overall premium income (26.6% in 2010). Life premiums fell by 18.7% compared to the corresponding period of 2010 (when premium income, in absolute value, achieved an all-time record), accounting for 68.6% of the total portfolio (73.4% in the corresponding period of 2010). Spain s GDP grew by 0.3% on an annual basis, falling short of the European average. Such weak growth reflects the sharp drop in domestic demand, comparable with that experienced during the severe 2009 recession, when GDP contracted by 3.7%. In December 2011 inflation in Spain stood at 2.4%, falling from 2.9% in November. Spanish unemployment rose to 22.9%, reaching its highest level since the first quarter of The rate of unemployment is alarmingly high among the under-25s, more than 51.4% of whom are out of work. The Spanish insurance market grew by 4.1% in 2011 with respect to the previous year, when it fell by 3.9%; total premiums amounted to 60,571 million, compared to 58,180 million in In particular, the Life business grew by 9.38% (- 8.5% in 2010) and the Non-life business decreased by 0.26% (+ 0.2% in 2010) REPORTS AND ACCOUNTS 2011

15 OPERATING PERFORMANCE The Consolidated Financial Statements of the Reale Mutua Group include the data of eleven companies, of which seven insurance companies, two real property companies, a banking company and one services company; ten companies, of which six insurance companies, have been fully consolidated while one, an insurance company, has been valued by the equity method insofar as it is an associated company. The Reale Mutua Group operates in Italy and Spain through the Parent Company and direct or indirect subsidiaries and associated companies. Reale Mutua is the Parent of the Reale Mutua Insurance Group, entered in the Register of insurance companies, set up by ISVAP with Regulation No. 15 of February 20, 2008, with number 006. The highlights of the 2011 consolidated financial statements, with 2010 comparables, are set forth in the table below. (in millions of euro) % change Amounts % of premiums Amounts % of premiums Operating profit: Net premiums 3, , Gross premiums written 3, , Gross premiums earned 3, , Net income on financial instruments investments and real property , === Net charges for claims 2, , Management costs Results: Profit (loss) before taxes === Consolidated profit (loss) === Group net income (loss) === Statement of comprehensive income === Assets and liabilities: Investments 8, , Technical provisions, net 7, , Total shareholders equity 1, , Group shareholders equity 1, , % change Other information: Loss Ratio 71.82% 73.52% Combined Ratio 98.98% % Human resources (average number) 3,028 2, Solvency margin Elements forming the solvency margin 1, , Margin to be formed Excess

16 Gross premiums written for direct business and inward reinsurance, net of infra-group eliminations, reached 3,498.8 million, obtained for 76.85% in Italy and for 23.15% in Spain. In the previous year, this item was equal to 3,431 million with an increase of 1.98%. In particular, direct business income amounted to 3,497 million, with a year-on-year upswing of 1.98%, and stemmed for 2,833 million from Non-life business, with an increase of 2.76%, and for 664 million from Life business, with a decrease of 1.19%. Investment income and charges generated a positive balance of million in relation to million in the previous year. The decrease was mainly due to the minor contribution of net proceeds from financial instruments at fair value posted to profit and loss ( 42 million in 2010, compared to a loss of 38 million in 2011), and also to the increase in losses on trading and valuation losses compared to Net charges for claims, in the amount of 2,537 million, decreased by 2.20%. These refer for 1,845 million to Non-life business, with a y/y increase of 0.17%, and for 692 million to Life business (- 7.99%). Management costs amounted to million compared with million in the previous year. These reflect commissions and other acquisition costs of million (-0.61%), investment management expenses of 34.9 million (+ 7.59%) and other administrative expenses for million (+ 5.14%). The gross consolidated result before taxes was positive in the amount of 46.8 million, compared with 25.5 million in After taxes, for around 36.8 million, consolidated income stood at 10 million (compared with 4.5 million in 2010) and Group income amounted to 8.1 million ( 3.2 million in 2010). This result, adjusted by profit and loss taken directly to equity in accordance with the provisions of International Accounting Standards (IFRS 1), determined an overall result on the profit and loss account with a loss of million, compared with a loss of 86.7 million in Turning to the balance sheet, Group investments reached 8,907.4 million (a decrease of 1.13%) of which million of investment properties, 61.3 million of equity investments in subsidiaries, affiliates and joint ventures, million of loans and receivables, 6,437.6 million of AFS financial assets and million of financial assets measured at fair value through profit and loss. Net technical provisions amounted to 7,912.1 million compared with 7,734.4 million in the previous year (+ 2.30%). Group shareholders equity amounted to 1,519.6 million compared with 1,674.7 million at year-end 2010 (- 9.26%). The excess of elements forming the Group solvency margin, in relation to the minimum amount required, amounted to around million compared with million in the previous year. The Group therefore reported a solvency ratio of 172.3%. The Group s combined ratio improved by approx two percentage points compared to 2010, falling from % to 98.98%. 308 REPORTS AND ACCOUNTS 2011 * * * In compliance with art. 95 of Legislative Decree No. 209 of September 7, 2005 and art. 19 of ISVAP Regulation No. 7 of July 13, 2007, the Parent company has prepared the Group Consolidated Financial Statements at December 31, 2011 in compliance with the international accounting standards introduced by European Union Regulation No of July 19, * * * 308

17 With regard to fully-consolidated Group companies, the performance during the year of each single sector of business is discussed below. * * * The Reale Mutua Group did not take advantage of the option, permitted by ISVAP Regulation No. 37 of March 15, 2011, for valuation of debt securities issued or guaranteed by EU member states intended to be held for the longer term with regard to correct solvency analysis

18 NON-LIFE INSURANCE BUSINESS According to data available for the first nine months of 2011, there was a 2.8% y/y increase in Life business on the Italian market, which accounted for 31.4% of overall premium income (26.6% in the first nine months of 2010). In particular, there was a 5.6% upswing in TPL land vehicles and TPL marine, lake and river craft premiums, with a ratio of 51.1% to total Non-life premiums (49.8% in the corresponding period of 2010) and with a ratio of 16% to total premium income (13.2% in the first nine months of 2010). In the other Non-life classes, the highest premium income was posted by: Hulls land vehicles, which accounted for 8.1% of the portfolio (8.6% in 2010), Accident business with a 7.9% share of the portfolio (8.1% in 2010), Non-motor TPL with 7.4% (7.7% in 2010), Other property damage with 6.8% (same as 2010), Health with 5.6% (5.8% in 2010), Fire and natural forces with 5.5% (5.7% in 2010). Agencies with mandate continued to be the main channel for premium income and accounted for 82.3% of total business (83.1% in the corresponding period of 2010), while banks continued to represent only 3.6% of all premium income. As regards the Spanish market, Non-life premiums fell by 0.26% to 31,720 million. In particular, Motor classes shed 2.29%, Health business reported an increase of 3.06%, the Multi-risk classes closed the year with an increase of 3.30% accompanied by a shrinkage of 2.94% in other Non-life business. * * * Within the Reale Mutua Group, the Non-life insurance companies Reale Mutua, Italiana Assicurazioni, Reale Seguros Generales, Unnim Protecciò (formerly Caixa Terrassa Previsiò) and CAI Seguros Generales) reported total gross premium income of 2,834 million in relation to 2,758 million in 2010, with an increase of 2.77%. The detail of gross premiums written for Non-life business, divided by accounting segment, is set forth below in the table below. (in thousands of euro) Composition % Non-life business Variation % Personal accident and Health 284, , Motor TPL 1,098,174 1,069, Motor, other branches 376, , Marine, Aviation and Transport 23,964 20, Fire and other property damage 682, , Non-motor TPL 251, , Credit and Suretyship 40,885 39, Sundry pecuniary losses 8,682 7, Legal Fees 17,156 16, Assistance 50,176 49, Total direct business 2,833,146 2,756, Total inward reinsurance 1,171 1, Tot. Non-life premium income 2,834,317 2,758, REPORTS AND ACCOUNTS

19 Claims paid in 2011 amounted to 1,986 million in relation to 1,988 million in 2010, with a decrease of 0.10%. In 2011, 1,446,260 claims were reported compared with 1,379,103 in 2010, with an increase of 4.87%. Number of claims reported Claims paid (*) % change % change Personal accident and Health 368, , , , Motor TPL 313, , , , Motor, other branches 233, , , , Marine, Aviation and Transport 5,640 4, ,519 12, Fire and other property damage 431, , , , Non-motor TPL 44,571 48, , , Credit and Suretyship ,096 18, Sundry pecuniary losses 1, ,781 4, Legal Fees 2,605 2, ,615 2, Assistance 45,107 39, ,758 37, Total 1,446,260 1,379, ,986,248 1,988, (*) amounts in thousands of euro The loss ratio for the period corresponded to 71.8%, compared with 73.5% in During 2011, the Italian companies of the Group marketed new products and launched the initiatives described below. * * * Società Reale Mutua di Assicurazioni As regards the study and implementation of new products, despite the difficulties facing markets today, the Company continued to pursue a policy of developing products that offer a good quality to price ratio, putting members/policyholders first, right from the time of stipulating the contract. In 2011 Reale Mutua overhauled several products in the catalogue, mainly to achieve clearer positioning and enhance competitiveness in certain areas, never overlooking the need to ensure technical sustainability. In February 2011 the Protection of persons and Savings sector was expanded to include some new health insurance products for retail policyholders. These modular products are designed to meet the diverse and changing needs of our clientele while also boosting the viability of the sector. The new offering, which includes indemnity and reimbursement of medical expenses policies, is based on a three-tier structure: Tris Reale, a multi-class product with a Health section, launched on February 24, 2011, Salute Facile Reale and Per Te Salute Reale, launched on June 6,

20 Tris Reale is a new multi-risk product comprising three insurance packages that can also be purchased separately. Sections 1 and 2 (Home and Family) offer cover similar to that provided by the existing Casamia product; Fire cover is provided under a single sum insured and includes the building as well as the contents; Theft cover is provided under a single sum insured and includes new cover for costs of cleaning and tidying the burgled premises; the Houseowner s TPL policy envisages a single maximum rate and cover includes the liability of a non-family member during periods when that person looks after a pet owned by the family (free of charge). Section 3 (Health) is an innovative product in the Reale Mutua catalogue and is for clients wishing to take out insurance to cover surgery; the policy envisages payment of a fixed amount to cover surgery, depending on the complexity of the operation. The tariff structure has been simplified to include just 3 age ranges, with no differentiation according to sex or geographical location, and cover can be extended to include all family members. Policyholders can also obtain the rechargeable Carta RealePiù payment card at the time of purchasing the insurance product, even if they do not have a current account. The card is a versatile, functional and safe alternative for those who would rather not use cash. Salute Facile Reale is an insurance product designed to guarantee payment of a fixed amount in case of hospitalisation or surgery; it addresses clients who prefer to use national health service facilities. The main feature of the Salute Facile Reale policy is its simplicity, which is a strong selling point. This is a reasonably-priced product that young families and people without a particularly high income can afford. Work was carried out during the year to broaden the range of family products. The new additions will be launched in January Two options are available, basic and plus, which differ in terms of claims paid and the relative premiums. Per Te Salute Reale is a medical expenses reimbursement policy. It is a modular, versatile product that can be tailored to suit members needs and resources. The upgraded family version of this product will also be available from January 2012, as will the exemption option, designed and developed in 2011 to offer an even higher level of customisation. The Serious Diseases, Standard and Top options provide different levels of cover in case of hospitalisation; these hospitalisation policies can be combined with cover for specialist treatment to guarantee all-round assistance. The Memo Card Blue Assistance was developed to support members in times of need. It gives access to a toll-free number to request assistance, either to activate cover directly or to choose from among the approved healthcare facilities and physicians. The new offering includes several important new features, including reimbursement of healthcare costs sustained during pregnancy under the hospitalisation cover policy and reimbursement of paediatric and gynaecological fees under the specialist Top option. A new multi-risk policy for artisans came on stream in May This is similar to the Azienda Reale product already included in the catalogue, but specifically tailored to meet the needs of this target group on the basis of requests received by our sales network. The product, called Mondo Artigiani, is a complete offering that also includes covers provided by other business lines, especially Life and Health, but can be tailored according to individual needs. The new Ecologica Reale product was launched in September 2011, to respond to the demand for security, mainly by the owners or managers of renewable energy production plants. It consists of a simple policy plan for PV, wind and solar energy plants offering cover in three areas (All Risks of direct and indirect damage, TPL and Legal fees). Some important changes have also been made to the tariffs and regulations concerning policies for professional categories. In addition to the main professional liability insurance cover, the new offering includes a special section dedicated to the risks of running and owning professional firms and cover for legal fees, as the natural extension of the Professional liability insurance policy. The product was developed to address rapidly changing case law on third party liability, such as the recent introduction of the obligation for professionals to take out mandatory errors and/or omissions insurance, and to guarantee sound, balanced portfolio development with regularly updated premium conditions. In financial 2011, a highly selective underwriting policy was adopted in the public bodies sector, characterised by unsatisfactory profit margins, especially as regards the third party liability component; this approach was shared with the sales network which also continued to cancel and reform contracts with the most negative trends. 312 REPORTS AND ACCOUNTS

21 In 2011, the Company revised several products already in the catalogue and launched a number of new products and new activities which are described later on in this document. The most significant changes regarded the Autostorica Reale product: the rules for taking out this policy were revised, to ensure that the specific covers for the vintage vehicle sector and the relative tariffs can only be provided for vehicles with the necessary characteristics, and to improve underwriting balance. The Contachilometri Reale product was launched in June This pay as you drive policy is geared to people who only use their car occasionally and therefore travel very few miles each year. The product was also developed on the basis of the information and statistical data acquired by the black box installed in vehicles insured by Reale Mutua. As a specifically tailored product, Contachilometri Reale is an opportunity to acquire customers in new segments in a continuously developing market bracket. During financial 2011 the contents of the Full Box portfolio, which offers members the possibility of installing a black box in their vehicle, continued to be revised so that the portfolio could be transferred to the new AutoMia Reale product and bring this in line with new requirements for the supply of the black box, including the free loan fee payable by the contracting party. At the end of 2011 the new Salva Patente Reale product was added to the catalogue in response to demand by companies to insure employers or undertakings against economic loss in the event of persons employed thereby and whose job necessarily involves driving motor vehicles having their driving licence suspended or withdrawn. Italiana Assicurazioni In 2011 some of the products in the catalogue were restyled, mainly to achieve clearer positioning and enhance competitiveness, never overlooking the need to ensure technical sustainability. These included the following: The Agricoltura policy: more than five years since the latest edition of this agricultural sector product was released, the Company undertook a substantial review of policy conditions and tariffs. The purpose of this overhaul was to update the policy to meet the requirements of an increasingly complex and performance-driven market and also to boost the existing portfolio to make it more profitable. The new product features a significantly broader offering. In striving to improve its services to insureds, a new Protezione Legale 09/2011 catalogue was made available to the agency network. This includes legal fees policies for companies, artisans, professionals, hotels, healthcare providers, farms and condominiums and driving licence insurance. In developing these products the Company was able to build on its long-standing partnership with ARAG Assicurazioni S.p.A., a leading European firm specialised in the Legal Fees sector. The Fabbricato policy: the product was overhauled to bring it into line with the highest quality standards in the buildings insurance sector; the contents were renewed following a detailed analysis of customers changing needs and other products currently available on the market. The R.C. Imprese Edili policy: the new edition of the R.C. Imprese Edili TPL insurance policy for construction firms was developed to provide full insurance cover for the construction industry, a major sector that has undergone profound organisational and operational changes in recent years. In drawing up the policy, the Company has focused on the use of clear language and added some important new aspects to cover a far broader range of requirements. The new policy fully replaces the previous edition. * * *

22 The main results of the Non-life insurance subsidiaries in 2011 are set forth below. Italiana Assicurazioni S.p.A. Milan At December 31, 2011 Italiana Assicurazioni reported premium income from direct business and inward reinsurance of 819,228 thousand, in relation to 847,961 thousand in 2010, with a decrease of 3.39%, of which 662,217 thousand for Non-life business, with a reduction of 3.17%, and 157,011 thousand for Life business, with a decrease of 4.30%. The year closed with a profit of 69,259 thousand, compared with a loss of 40,543 thousand in 2010, with a profit of 50,545 thousand for Non-life business and of 18,714 thousand for Life business. The main factors that forged this result were the extraordinary transactions that generated income for 145,892 thousand, of which 48,656 thousand for Life business and 97,236 thousand for Non-life business. According to the proposal to be submitted to the Meeting, the profit will be taken to the extraordinary reserve, with separate assignment to the Life and Non-life segments according to the operating and financial performance of each type of business. Reale Seguros Generales S.A. Madrid In financial 2011, the Spanish subsidiary reported a volume of premiums of 767,690 thousand, with a y/y increase of 0.3%. The year closed with a net profit of 38,613 thousand, compared with 40,995 thousand in the previous year. The proposal to be presented to the Meeting envisages allocation of the net profit to reserves for 14,613 thousand and payment of dividends for 24,000 thousand. Unnim Protecció S.A. de Seguros y Reaseguros Terrassa (formerly Caixa Terrassa Previsiò S.A. de Seguros y Reaseguros) This Non-life company is owned on an equal basis by the Spanish banking group Unnim and by Reale Seguros Generales, which exercises control. In 2011 it incorporated Caixa Sabadell Companya d Assegurances Generals. In financial 2011, the company reported a volume of premiums of 28,094 thousand, with a y/y increase of 80.7%. The net profit of 2,787 thousand, compared with 1,689 thousand in 2010, will make it possible to distribute a total dividend of 2,479 thousand to the shareholders, after deducting provisions to reserves. CAI Seguros Generales de Seguros y Reaseguros S.A. Saragozza This Non-life company is owned on an equal basis by Caja de Ahorros de la Inmaculada de Aragon (which recently joined the Caja3 group) and by Reale Seguros Generales, which exercises control. In financial 2011, the company reported a volume of premiums of 6,928 thousand, with a y/y increase of 37.2%. 314 The net profit of 1,022 thousand, compared with 704 thousand in 2010, will make it possible to distribute a total dividend of 920 thousand to the shareholders, after deducting provisions to reserves. REPORTS AND ACCOUNTS

23 LIFE INSURANCE BUSINESS According to the latest statistical data for the first nine months of 2011, there was an 18.7% downswing in Life business on the Italian market compared with the corresponding period of 2010 (when premium income reached an all-time record). This sector accounted for 68.6% of the total portfolio (73.4% in the corresponding period of 2010). In particular, class I (Insurance on the duration of human life) decreased by 17.8%, class III (Insurance with benefits linked directly to the value of UCITS or of internal funds or to indexes or other benchmarks) decreased by 18.2% and class V (Operations of capital redemption) decreased by 34.7%.These classes accounted, respectively, for 75.9%, 17.5% and 4.4% of total Life premiums (75.1%, 17.4% and 5.5% respectively in the same period of 2010). Class VI premiums (Pension funds) accounted for 2% of total premiums in the sector (1.9% in the first nine months of 2010), and also decreased by 14%. The bank and post office network distribution channel, which garnered some 57.9% of premium income (63.1% in 2010), confirmed its dominant role in Life business, followed by financial promoters, with a 17.7% share (15.3% in 2010) and agencies with mandate with a share of 13.9% (about 13% in 2010). As regards the Spanish market, Life premiums increased by 9.38% to 28,851 million. * * * The Life insurance companies of the Reale Mutua Group (Reale Mutua, Italiana Assicurazioni and Reale Vida) posted gross premium income of 665 million in relation to 671 million in 2010, with a decrease of 1.25%. The detail of Life business gross premiums written according to accounting segment is set forth below. (in thousands of euro) change % % Composition Life Business I Insur. on the duration of human life 508, , III Insur. linked to investment funds 49,745 70, IV Health insurance V Oper. of capital redemption 86,222 92, VI Oper. of group pension funds 19,723 17, Total direct business 663, , Total inward reinsurance Total premiums written - Life 664, , During 2011, the Italian companies of the Group issued the following new products

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